{
  "url": "https://openlegislation.uk/finance-act-2003/schedule-22/paragraph-42",
  "json_url": "https://openlegislation.uk/finance-act-2003/schedule-22/paragraph-42.json",
  "legislation": "ukpga/2003/14",
  "legislation_title": "Finance Act 2003",
  "legislation_url": "https://openlegislation.uk/finance-act-2003",
  "path": "schedule/22/paragraph/42",
  "kind": "paragraph",
  "number": "42",
  "heading": null,
  "text": "(1) Part 2 of Schedule 1 (index of defined expressions) is amended as follows.\n(2) Omit the entries relating to—\n“acquisition (in Chapter 8 of Part 3)”,\n“the acquisition (in Chapter 8 of Part 3)”,\n“acquisition (in Chapter 9 of Part 3)”,\n“the acquisition (in Chapter 4 of Part 7)”,\n“as a director or employee, in relation to the acquisition of an interest in shares (in Chapter 2 of Part 7)”,\n“as a director or employee, in relation to the acquisition of shares or an interest in shares (in Chapter 3 of Part 7)”,\n“as a director or employee, in relation to the acquisition of shares or an interest in shares (in Chapter 4 of Part 7)”,\n“assign, in relation to a share option (in Chapter 5 of Part 7)”,\n“associated company (in Chapter 4 of Part 7)”,\n“company (in Chapter 5 of Part 7)”,\n“the Contributions and Benefits Act (in Chapter 5 of Part 7)”,\n“convertible, in relation to shares (in Chapter 3 of Part 7)”,\n“dependent subsidiary (in Chapter 4 of Part 7)”,\n“director (in Chapter 2 of Part 7)”,\n“director (in Chapter 3 of Part 7)”,\n“director (in Chapter 4 of Part 7)”,\n“director (in Chapter 5 of Part 7)”,\n“employee (in Chapter 8 of Part 3)”,\n“employee (in Chapter 9 of Part 3)”,\n“employee (in Chapter 2 of Part 7)”,\n“the employee (in Chapter 2 of Part 7)”,\n“employee (in Chapter 3 of Part 7)”,\n“the employee (in Chapter 3 of Part 7)”,\n“employee (in Chapter 4 of Part 7)”,\n“the employee (in Chapter 4 of Part 7)”,\n“employee (in Chapter 5 of Part 7)”,\n“the employee (in Chapter 5 of Part 7)”,\n“employee-controlled (in relation to a company) (in Chapter 4 of Part 7)”,\n“the employee’s interest (in Chapter 2 of Part 7)”,\n“the employer company (in Chapter 2 of Part 7)”,\n“the employer company (in Chapter 3 of Part 7)”,\n“the employer company (in Chapter 4 of Part 7)”,\n“employment-related shares (in Chapter 9 of Part 3)”,\n“the employment-related shares (in Chapter 8 of Part 3)”,\n“held by outside shareholders (in Chapter 4 of Part 7)”,\n“interest in shares (in Chapter 8 of Part 3)”,\n“interest in shares (in Chapter 9 of Part 3)”,\n“interest in shares (in Chapter 4 of Part 7)”,\n“market value (in Chapter 8 of Part 3)”,\n“market value (in Chapter 9 of Part 3)”,\n“market value (in Chapter 2 of Part 7)”,\n“only conditional (interest in shares) (in Chapter 2 of Part 7)”,\n“payment for the employment-related shares (in Chapter 8 of Part 3)”,\n“release, in relation to a share option (in Chapter 5 of Part 7)”,\n“secondary Class 1 contributions (in Chapter 5 of Part 7)”,\n“share option (in Chapter 5 of Part 7)”,\n“the share option (in Chapter 5 of Part 7)”,\n“shares (in Chapter 8 of Part 3)”,\n“shares (in Chapter 9 of Part 3)”,\n“shares (in Chapter 2 of Part 7)”,\n“the shares (in Chapter 2 of Part 7)”,\n“shares (in Chapter 3 of Part 7)”,\n“the shares (in Chapter 3 of Part 7)”,\n“shares (in Chapter 4 of Part 7)”,\n“the shares (in Chapter 4 of Part 7)”,\n“shares (in Chapter 5 of Part 7)”,\n“terms (in Chapter 2 of Part 7)”,\n“terms (in Chapter 3 of Part 7)”, and\n“value (in relation to shares) (in Chapter 4 of Part 7)”.\n(3) At the appropriate places insert—\n“\nthe acquisition (in Chapters 1 to 4 of Part 7)\nsection 421B(8) (see also section 446Q(4))\n”,\n“\nthe acquisition (in Chapter 5 of Part 7)\nsection 471(5)\n”,\n“\nassociated company (in section 421H(1) and Chapters 2 to 4 of Part 7)\nsection 421H(2)\n”,\n“\nassociated person (in Chapters 1 to 4 of Part 7)\nsection 421C\n”,\n“\nassociated person (in Chapter 5 of Part 7)\nsection 472\n”,\n“\nchargeable event (in Chapter 3B of Part 7)\nsection 446P(5)\n”,\n“\nthe Contributions and Benefits Act (in Chapter 5 of Part 7)\nsection 484(7)\n”,\n“\nconsideration (in Chapters 2 to 5 of Part 7)\nsections 421(2) and 421A\n”,\n“\nconsideration given for the acquisition of employment-related securities (in Chapters 2 to 3A of Part 7)\nsection 421I\n”,\n“\nconvertible securities (in Chapters 2 to 3A of Part 7)\nsection 436\n”,\n“\nthe employee (in Chapters 1 to 4 of Part 7)\nsection 421B(8)\n”,\n“\nthe employee (in Chapter 5 of Part 7)\nsection 471(5)\n”,\n“\nemployee-controlled (in Chapters 2 to 4 of Part 7)\nsection 421H(1)\n”,\n“\nthe employer (in Chapters 1 to 4 of Part 7)\nsection 421B(8)\n”,\n“\nthe employer (in Chapter 5 of Part 7)\nsection 471(5)\n”,\n“\nthe employment (in Chapters 1 to 4 of Part 7)\nsection 421B(8)\n”,\n“\nthe employment (in Chapter 5 of Part 7)\nsection 471(5)\n”,\n“\nemployment-related securities (in Chapters 1 to 5 of Part 7)\nsection 421B(8) (see also section 484(4))\n”,\n“\nemployment-related securities option (in Chapter 5 of Part 7)\nsection 471(5)\n”,\n“\ninterest, in relation to securities (or shares) (in Chapters 1 to 5 of Part 7)\nsection 420(8)\n”,\n“\nmarket value (in Chapters 1 to 5 of Part 7)\nsection 421(1)\n”,\n“\nnon-commercial increase (in Chapter 3B of Part 7)\nsection 446K(4)\n”,\n“\nnon-commercial reduction (in Chapter 3B of Part 7)\nsection 446K(4)\n”,\n“\nthe notional loan (in Chapter 3C of Part 7)\nsection 446S(1)\n”,\n“\nrecognised stock exchange\nsection 841 of ICTA\n”,\n“\nrelevant period (in Chapter 3B of Part 7)\nsection 446O\n”,\n“\nrestricted securities and restricted interest in securities (in Chapters 2, 3A and 3B of Part 7)\nsections 423 and 424\n”,\n“\nrestriction (in Chapters 2, 3A and 3B of Part 7)\nsection 432(8)\n”,\n“\nsecondary Class 1 contributions (in Chapter 5 of Part 7)\nsection 484(7)\n”,\n“\nsecurities (in Chapters 1 to 5 of Part 7)\nsection 420\n”,\n“\nsecurities option (in Chapters 1 to 5 of Part 7)\nsection 420(8)\n”,\n“\nshares (in Chapters 1 to 5 of Part 7)\nsection 420(8)\n”,\n“\nvaluation date (in Chapter 3B of Part 7)\nsection 446O\n”, and\n“\nvariation, in relation to a restriction (in Chapter 2 of Part 7)\nsection 427(4)\n”.\n(4) So far as relating to—\n(a) Chapters 8 and 9 of Part 3 (which are repealed and replaced by provisions inserted in Part 7),\n(b) each of the new Chapters substituted or inserted in Part 7, and\n(c) each of the Chapters of that Part as originally enacted for which new provisions are substituted,\nsub-paragraphs (1) to (3) have effect in accordance with the provision made for the taking effect of the repeal, substitution or insertion.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2003/14/schedule/22/paragraph/42",
    "retrieved_at": "2026-10-29T09:18:27.996599+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}